The Fund's IS class commenced operations on June 11, 2013. For the period prior to the commencement of operations of the IS Shares, the IS Shares performance information shown is the F Shares performance adjusted to reflect the expenses of the fund's IS Shares for each year for which the expenses of the fund's IS Shares would have exceeded the actual expenses paid by the fund's F Shares. The performance information has also been adjusted to reflect any applicable differences in sales loads and charges imposed on the purchase and redemption of the fund's IS Shares.

Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices.

Current performance may be lower or higher than what is stated.

High-yield, lower-rated securities generally entail greater market, credit/default and liquidity risks and may be more volatile than investment-grade securities.

* The ratings agencies that provided the ratings are Standard and Poor's, Moody's and Fitch. When ratings vary, the highest rating is used. Credit ratings of A or better are considered to be high credit quality; credit ratings of BBB are good credit quality, and the lowest category of investment grade; credit ratings BB and below are lower-rated securities ("junk bonds"); and credit ratings of CCC or below have high default risk. The credit quality breakdown does not give effect to the impact of any credit derivative investments made by the fund.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.

** Represents percent of portfolio holdings with payment default. Percentage based on book value of defaulted bonds divided by fund’s total net assets on the first business day of the calendar year.

Interest income from the fund's investments may be subject to the federal Alternative Minimum Tax (AMT) for individuals and state and local taxes.

The holdings percentages are based on net assets at the close of business on the date above, and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes. Because this is a managed portfolio, the investment mix will change.

Current and future portfolio holdings are subject to risk.

1 Portfolio holdings for money market funds are available on the 5th business day of the month. Portfolio holdings for equity and fixed-income funds are available the 30th of the month following calendar quarter end. If the 30th falls on a weekend or holiday, the portfolios will be available on the next business day.

Investors should carefully consider the fund's investment objectives, risks, charges and expenses before investing. To obtain a summary prospectus or prospectus containing this and other information, contact us or view the prospectus provided on this website. Please carefully read the summary prospectus or prospectus before investing.